JPMorgan shareholders ready to grill the board

Dimon has been in the spotlight for weeks as calls to split the CEO and chairman roles he holds have grown louder.

Tuesday's meeting will be Dimon's day of reckoning but shareholders are hoping to also get a chance to grill the board .

"The board needs to show us that they are more than just a rubber stamp on what Jamie Dimon wants," said Michael Mayo, a bank analyst at CLSA. "Shareholders have one chance each year to ask them questions."

Mayo says it doesn't matter to him whether or not Dimon holds onto the chairmanship. The real issue, he says, is proving that the board is independent.

Critics say that the board has failed to properly monitor risk-taking behavior at the bank, including the so-called London Whale trades that resulted in $6 billion of losses for JPMorgan, questions of how compliant the bank has been with the government's anti money laundering rules and alleged manipulation of the electricity markets in California and Michigan.

Beyond whether Dimon will stay on as chairman and whether board members will be reelected, shareholders also want to know who's on the short list to be the next CEO whenever Dimon relinquishes the role.

JPMorgan has seen an exodus of key leaders once thought to be potential successors.